Sunday, December 10, 2023

US GDP grew 2.1% in the second quarter

Gross domestic product (GDP) for the second quarter of the United States remained unchanged after the Department of Commerce released its third estimate.

According to the figures given this Thursday, activity in the US increased by 2.1% between the months of April and June. The same figure as the second review of the indicator, but lower than the first, when it was estimated at 2.4%.

The update mainly reflected “a downward change in consumer spending partially offset by upward changes in non-residential fixed investment, exports, and inventory investment,” a statement said.

Therefore, compared to the first quarter, the real performance of GDP was highlighted by the slowdown in consumer spending, exports, and federal government spending, but was offset by a rebound in private investment in inventories, non-fixed residential investment, and a smaller decline in residential investment. However, imports are down.

Also, it was reported that in the readjustment, in the first three months of the year, the activity had an expansion of 2.2%.

In addition, among the updated data, the price index of gross domestic purchases increased by 1.4%, revised down by 0.3 percentage points, and in the first quarter it was 3.6%. While the PCE price index was up 2.5% (similar to the previous estimate), the same underlying indicator, excluding food and energy, increased by 3.7%.

Meanwhile, personal income in current dollars increased by US$239.6 billion, mainly due to an increase in compensation for private salaries and wages.

Disposable personal income increased to US$296.5 billion, translated by 6.1%, and real disposable personal income rose 3.5%, revised up 0.2 percentage points. While the personal savings rate was 5.2%, with an adjustment of 0.7 pp.

World Nation News Desk
World Nation News Desk
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